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Shahid Khan buys 100 percent; Jaguars' limited partners also out

The minority owners listen to Jaguars majority owner Wayne Weaver announce his firing of head coach Jack Del Rio and that the team is being sold to businessman Shahid Khan Tuesday

Jaguars majority owner Wayne Weaver (second from right) chats with the team’s minority owners after he announced his firing of head coach Jack Del Rio and that the team is being sold to Pakistani-born businessman Shahid Khan Tuesday, November 29, 2011 in Jacksonville, Florida.

Wayne Weaver’s decision to sell the Jaguars also means the team’s eight limited partners, including his wife, Delores, will be departing with him.

The new owner, Illinois businessman Shadid Khan, wanted to buy 100 percent of the team and won’t have limited partners.

It also means that Weaver’s wife will end her connection with the Jaguars foundation, although the couple, married for 56 years, will continue the Weaver Family Foundation.

Delores Barr Weaver said that Peter Racine has been named the president of the Jaguars Foundation. He has been with the foundation since 2000 and was the executive director.

“He’s been with us a long time and knows the business inside and out. I’m kind of the face [of the foundation]. I get far too much credit. Everybody else is doing the work. I don’t see any change in the foundation,” she said.

The Weavers supported the foundation with revenue from the team.

Khan will have to decide how he wants to run the foundation.

“That will be his decision,” Delores Barr Weaver said.

The Jaguars Foundation has awarded $15 million in cash granted, and the Weavers personally have donated $40 million. She said the Weavers will now have more time to travel.

“Wayne said it all. It’s bittersweet. The timing is right. We’ve been here 18 years,” she said.

Haskell said, “I would reflect the same statement that Wayne made. It’s bittersweet. I think in the long run it’s going to be very good for the team and very good for the city.”

DuBow said, “It was a great ride. Timing is everything in life. It’s the right time. If you wait for the ideal time, you wait for the rest of your life.”

Petway said, “I’m excited. I’m looking forward to the future. I’m quite optimistic about the future. The last 18 years has been a wonderful period of time for the city and the Jaguars. I’m looking forward to the next 20 years.”

Ronald Weaver said he enjoyed being on the inside and said, “I’m going to be one of their biggest supporters.”